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TSX gains 250 points on higher oil
CBC News

Posted: Oct 5, 2011 10:18 AM ET

Last Updated: Oct 5, 2011 11:59 AM ET

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Canada's benchmark stock exchange moved higher on Wednesday as commodity prices rebounded.
Oil rose almost $2 to $77.59 US a barrel in New York. That was enough to push the commodity-laden TSX higher after three days of heavy losses related to Greek debt worries.
The TSX gained 247 points, to 11,424, shortly after opening. New York markets were largely flat, with the Dow Jones industrial average up 31 points to 10,840.
Before Wednesday's surge, the TSX had slumped enough that it moved into official bear market territory. It is now down 22 per cent from its April high.
Gold was flat to trade at $1,615 US an ounce. The Canadian dollar rose by 0.27 of a cent to 95.07 cents US.
In U.S. economic news, the Institute for Supply Management's non-manufacturing index showed the services sector continuing to expand during September. It came in at 53, which met expectations and was just slightly lower than the August reading. Payrolls firm Automatic Data Processing said the U.S. private sector added 91,000 jobs last month.
The release of the U.S. government's non-farm payrolls report for September is expected on Friday. Economists are forecasting that the ed